Retirement age up due to recession?

The Prime Minister's office is contemplating raising the retirement age of Central government employees from the current 60 to 62 years. A proposal in this regard has been forwarded to the Union finance ministry, sources disclosed.

So far, the Union finance ministry has offered both the merits and demerits of the proposal. On one hand, the Union finance ministry argued that movement of the Central government employees could be severely hampered if the retirement age was extended by two years.

However, the ministry also pointed out that the move could benefit the government exchequer as it was going through a tough situation due to certain factors, including the drought and the impact of the global financial recession.

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Michelle gets fashion honour in New York City

The fashion industry made it clear at its annual awards ceremony on Monday night that it’s looking to future stars to see it past the doldrums of the recession, shunning longtime favourites and honouring a largely new guard: Rodarte, Proenza Schouler, Alexander Wang and Michelle Obama

The Council of Fashion Designers of America’s special tribute award went to the US First Lady, considered a new player in this world. Noting her “meteoric rise as a fashion icon,” CFDA president Diane von Furstenberg said Obama had “a unique look that balances the duality of her lives” in her roles as trusted adviser to her husband, President Barack Obama, and busy mother to their two daughters.

Although she was missing from the crowd at Alice Tully Hall at Lincoln Centre for the Performing Arts, Ms Obama’s presence was felt throughout the star-studded ceremony, which included Heidi Klum and Blake Lively, both wearing Michael Kors, and Bradley Cooper in a Calvin Klein suit.

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Broadway ignores economic downturn

Wall Street be in a slump as the global economic downturn grinds on, but 6.4 km north in midtown Manhattan, Broadway theatres continue to lure crowds as they have for decades during times of recession.

Some people might find it hard to believe that Broadway has proven so resilient in the face of rising unemployment and record losses at some of the biggest US corporations.

Six months back, predictions for Broadway were dire. The gloomier newspaper headlines included “Broadway braces for recession fallout” and “Recession to finally kill Broadway.” So far there are no signs that Broadway — which survived the post-September 11 economic slump and a lengthy strike by stagehands in 2007 — is dead.

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